Would the law go so far as to impose an obligation on an advisor to seek out and advise a beneficiary of a right to pay a premium on a lapsed policy? I don’t know, but if I were an advisor encountering a potential lapse situation, I’d have Compliance on speed dial.
An Ontario Provincial Court has sentenced Danny De Melo and Steven Hill to 90 days in jail for violating the terms of an Ontario Securities Commission cease trade order. They also face one year of probation and were also ordered to make restitution totalling $993,089.67 to 22 Ontario investors.
The Autorité des marchés financiers (AMF) has launched a criminal proceeding against a man they allege helped two companies make illegal investments.